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ExxonMobil to sell UK assets to HitecVision in $1bn deal

Wed 24 February 2021 15:59 | A A A

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(Sharecast News) - ExxonMobil announced on Wednesday it would sell its non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision in a deal worth over $1bn.

The US oil major has been looking to sell its oil and gas assets since late 2019, in a move to free up cash to focus on a handful of mega-projects.

According to a report by Reuters the deal includes ownership interests in 14 producing fields operated primarily by Shell.

Exxon's share of production from the sites was about 38,000 barrels of oil per day in 2019.

The company may also receive about $300m in contingent payments regarding changes in commodity prices.

Nevertheless, it had hoped to raise more than $2bn from the sale, which was planned for late 2019.

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